-- Posted Thursday, 1 August 2013 | | Disqus

Insignia Consultants

New Delhi

Thursday, August 01, 2013

TIME 08:57 am IST                       

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COMEX REPORT

·        US private sector adds 200,000 jobs in July

·        US second quarter GDP revised higher

·        US second quarter GDP at 1.70% while US first quarter GDP revised down to 1.10% from 1.70%

·        US consumer spending rose at 1.80% in second quarter

The Federal Reserve has kept the markets in limbo and has said nothing about tapering in September. The Federal Reserve said persistently that low inflation could hamper the economic expansion and they pledged to keep buying $85 billion in bonds every month. “The committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term,” the Federal Open Market Committee said today after a two-day meeting in Washington. Growth will “pick up from its recent pace.” Chairman Ben S. Bernanke and his colleagues cited “further improvements” in the labor market, while saying economic growth was “modest” and not indicating the timing for a trim to bond purchases. They are debating whether the economy is strong enough to warrant scaling back stimulus even as the jobless rate persists at 7.6 percent and inflation through May was well below their longer-run target of 2 percent.

Our View: Incoming US economic numbers suggest that US economic growth is sustainable and it can withstand tapering. Tapering will happen at the September federal reserve meeting but the quantum of tapering is unknown and inestimable.

Today

All eyes will now be on the US July nonfarm payrolls tomorrow. A good number can result in gold and silver falling. Till tomorrow we prefer a buy on sharp dips strategy with a stop loss below $1284 and $18.75

We prefer to go long in gold and silver on any two percent fall.

Trading strategy for the very large traders and high risk traders

COMEX GOLD: Buy on any $25-$30 dips with a stop loss below $1288– jobbers watch $1322

COMEX SILVER: Jobbers watch $19.70

COMEX COPPER: Buy at $3.07 stop loss $3.03 for $3.19-$3.23

NYMEX CRUDE OIL: Buy at $103.50 stop loss $102.50 for $109.60 – jobbers watch $105.00

COMEX TECHNICAL VIEW

COMEX GOLD DECEMBER 2013 – current price $1321.60

Bullish over $1319.00 with $1342.00 and $1356.00 price target

Bearish below $1309.0 with $1301.00 and $1292.00 as price target

Neutral Zone between $1309.00-$1322

Break point: $1319.00

• Gold will break free from $1300-$1322-$1339-$1362 range by tomorrow and form a new range.
• There will be sellers only below $1319
• Better to remain on the sidelines and trade carefully till tomorrow

COMEX SILVER SETPEMBER 2013 – current price $1960.50

Bullish over $19.70 with $20.34-$20.76 as price target

Bearish below $19.39 with $19.05-$18.75 as price target

Neutral Zone between: $19.39-$19.70

Break point: $1970.00

• Silver will break from the $19.05-$19.70-$20.05-$20.70 range by tomorrow and form a new range
• There is technical congestion between $19.30-$19.70 and silver needs to trade over this zone to be in somewhat bullish zone. Sell stop losses will be triggered if silver trades below $1930 anytime this week in the US session.

COMEX COPPER SEPTEMBER 2013 – current price $312.80

Bullish over $3.11.00 with $3.17.20 -$3.24.00 as price target

Bearish below $3.08.00 with $3.04.20-$3.01.80 as price target

Neutral Zone between: $3.08.00--$3.11.00

Break point: $308.00

• Copper can rise to $3.17-$3.23 as long as it trades over $3.08
• We prefer a buy on sharp dips strategy with a stop loss below $3.02 till tomorrow

NYMEX CRUDE OIL (1^ST CONTRACT)  - current price $105.35

Bullish over $103.90 with $106.70 and $109.30 as price target

Bearish below $102.90 with $102.20 and $100.90 as price target

Break point: $105.70

• Crude oil can rise to $107-$109.60 as long as it trades over $104.50
• There will be sellers only below $103.50

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Manan Somani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

Trade without emotions

"Print this report only if absolutely necessary. Save Paper. Save Trees."

NOTES TO THE ABOVE REPORT

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

APPROPRIATE STOP LOSSES PER LOT IN US DOLLARS ON THE TRADING CALLS GIVEN IN THIS REPORT

COMEX GOLD – $15-$17

COMEX SILVER: $25-$30

COMEX COPPER: $3

NYMEX CRUDE OIL: $0.60

SPOT SILVER: $0.25

SPOT GOLD: $15-$17

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

Customer care: 9311139549

You can also mail your queries at insigniacommodity@gmail.com

Chat Id: mcxsuretips@gmail.com (gtalk), insigniaconsultants@yahoo.com (yahoo)

              (10:30 am to 5:30 pm Indian time, Monday to Friday)

-- Posted Thursday, 1 August 2013 | Digg This Article | Source: GoldSeek.com

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